News & Analysis

NIO Q4 2023 and full-year results are here

6 March 2024 By Klavs Valters


Last week, Chinese electric vehicle manufacturer NIO Inc. (NYSE: NIO) released its latest delivery numbers for February. On Tuesday, it was time for the company to announce Q4 2023 and full-year financial results. Let’s take a closer look at how the company performed.

NIO achieved revenue of $2.409 billion for the last three months of 2023, which fell below Wall Street estimate of $2.558 billion. Revenue was up by 6.5% year-over-year.

The company reported loss per share of -$0.396, which was more than -$0.337 loss per share expected.

Full year revenue reached $7.833 billion in 2023, up from 7.143 billion the year prior.

Company overview

  • Founded: November 2014
  • Headquarters: Shanghai, China
  • Number of employees: 20,000+ (2023)
  • Industry: Automotive
  • Key people: William Li (CEO), Lihong Qin (President), Wei Feng (CFO)

CEO commentary

“In 2023, NIO set a new delivery record of 160,038 vehicles, ranking first in China’s premium BEV market with an average transaction price over RMB 300,000. At NIO Day 2023, we unveiled ET9, our smart electric executive flagship, showcasing a suite of our latest technologies, including our self-developed AD chip, full-domain 900V architecture, advanced intelligent chassis system and various other industry-leading innovations,” CEO of NIO, William Li said in a statement to shareholders.

“We will soon start deliveries of 2024 NIO products equipped with the highest computing power among production vehicles and constantly enhance users’ driving and digital experience. Meanwhile, we plan to release Navigate on Pilot Plus (NOP+) for urban roads to all NT2.0 users in the second quarter. Our continuous investments in technologies, battery swapping network and user community will bolster our competitive advantages as we navigate the future competition,” Li finished his statement.

Stock reaction

Shares were up by around 2% on Tuesday, trading at $5.44.

Stock performance

  • 5 day: -5.28%
  • 1 month: -9.20%
  • 3 months: -26.31%
  • Year-to-date: -39.64%
  • 1 year: -38.96%

NIO stock price targets

  • Mizuho: $15
  • Deutsche Bank: $16
  • CLSA: $14
  • Sanford C. Bernstein: $8
  • JP Morgan Chase & Co.: $5
  • Citigroup: $19.20
  • UBS Group: $15
  • Nomura: $7.50
  • Barclays: $8
  • Morgan Stanley: $12

NIO Inc. is the 1369th largest and 4th largest electric vehicle company in the world with a market cap of $12.38 billion.

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Sources: NIO Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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